Leading global commodities franchise. Solid capitalization, despite continued balance-sheet growth and acquisitions. Good loss track record, which we continue to monitor closely for deterioration as the group expands into new business lines and broadens its product offerings. Limited scale and diversity of revenue compared with larger broker and bank peers. Historically cautious risk appetite is evolving with the group's growth, although this has not yet led to weakened loss experience. The negative outlook factors in Marex Group PLC's (Marex) continued good trading performance, but reflects that we could lower our aggregate assessment of Marex's capitalization and risk exposure over the next 12-24 months. We could lower the ratings if: Marex's S&P Global Ratings-calculated risk-adjusted capital (RAC) ratio were to fall
